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Boyne USA driving by with $540 million eight-year senior notes; initial talk mid-5% area
By Paul A. Harris
Portland, Ore., April 15 – Boyne USA, Inc. plans to price a $540 million offering of eight-year senior notes (expected ratings B1/B) in a Thursday drive-by trailing a conference call with investors, according to market sources.
Initial guidance has the notes coming to yield in the mid-5% area, a trader said.
Wells Fargo Securities LLC is the bookrunner.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
The Boyne Falls, Minn.-based owner and operator of mountain ski resorts plans to use the proceeds plus cash on hand to finance the tender/redemption of its 7¼% senior secured second-lien notes due 2025.
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